Why Silicon, SiC, and GaN are Shaping the Future of Power Electronics Market
The global Power Electronics Market Size, estimated at USD 46.2 billion in 2023 and expected to grow at a compound annual growth rate (CAGR) of 5.7% to USD 61.0 billion by 2028, is covered in detail in the report "Power Electronics Market Size by Device Type (Power Discrete, Power Module, Power IC), Material (Si, SiC, GaN), Voltage (Low, Medium, High), Vertical (ICT, Consumer Electronics, Industrial, Automotive, Aerospace) and Geography - Global Forecast to 2028." The power electronics industry is expected to increase significantly in the next years due to advancements in semiconductor materials like silicon (Si), silicon carbide (SiC), and gallium nitride (GaN). This is highlighted in the research. These components are necessary to improve power devices' performance and efficiency over a range of voltages. The growing demand in important sectors like consumer electronics, industrial applications, automotive, aerospace, and information and communications technology (ICT) is another factor contributing to the market's rise. Power electronics play a key part in modern technological breakthroughs, as seen by their integration in these industries, which are essential for improvements in energy efficiency and management.
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In order to achieve increased energy efficiency, power electronics are essential in changing electrical energy patterns towards renewable sources. Optimising the production, conversion, and distribution of energy from renewable resources like solar and wind is made possible in large part by these technologies. Moreover, it is anticipated that power electronics will play a major role in electric vehicle (EV) energy management. Within the field of automotive power electronics, their main job is to handle and regulate the electrical energy flow in plug-in and hybrid electric cars. This involves controlling the energy recovery during braking and other operations, as well as the power transfer from the battery to the motor.
By Device Type: Power Module is projected to grow at the highest CAGR during the forecast period.
Because of its many benefits, power modules are becoming increasingly popular in the field of power electronics. They are the perfect option for applications where weight and space are important factors because of their compact form factor and integrated design. Their increased power density and increased reliability can be attributed to their improved thermal performance and streamlined installation process. Power modules are also inexpensive and adaptable because to these characteristics, which enable them to be utilised in a variety of applications. Power modules in electric vehicles ensure effective energy management while maximising weight and space. They offer dependable and effective power solutions for a range of machinery and equipment in industrial automation. Their efficient and compact design helps consumer electronics manufacturers create more compact and potent products.
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By Material: Silicon-based devices to account for the largest market share during the forecast period.
Because silicon is a widely recognised and used semiconductor material, particularly for low- and medium-voltage applications, it dominates the power electronics market. This substance is essential to the manufacturing of discrete components, modules, and integrated circuits (ICs), among other power semiconductor devices. Power rectification, power factor correction, and power amplification operations require silicon-based devices. Furthermore, the production of transistors and diodes—both essential for high-frequency switching applications—requires silicon. Silicon's adaptability and effectiveness in these capacities highlight both its overwhelming market share and its significance in the advancement of power electronics technology.
By Vertical: The consumer electronics is projected to register a larger market share during the forecast period.
Within the power electronics industry, Because every electronic device needs a power source (AC/DC) and effective power management to maximise energy use, consumer electronics is a crucial segment of the power electronics business. A vast array of consumer goods, including air conditioners, dishwashers, washing machines, televisions, induction cookers, and refrigerators, depend on power electronic components. Additionally, they are essential for a variety of smart home and connected gadgets, such as gaming consoles, consumer drones, wearables, smartphones, tablets, and Internet of Things devices. They are also essential for connected appliances, adapters/chargers, routers/modems, and game consoles. These consumer electronics' use of power electronics not only minimises power consumption but also lowers the carbon footprint overall and improves device efficiency, all of which help to create a future that is more sustainable and energy-efficient.
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By Region: Asia Pacific will likely grow at the highest CAGR during the forecast period.
Due to significant expenditures in consumer electronics, infrastructure, and smart grid projects, the Asia Pacific region is the segment of the power electronics industry that is expanding at the fastest rate. main industry participants like Japan-based Mitsubishi Electric Corporation and Fuji Electric Co., Ltd. are a main force behind this growth. One major driver of the market's growth is the quick uptake of electric vehicles in China and Japan. One significant factor propelling market expansion in China is the growing investment in the development and production of power electronic wafers. This calculated action is to improve China's standing in the international market, support domestic industry, and reduce the nation's reliance on foreign producers.
- Infineon Technologies AG (Germany),
- ON Semiconductor (US),
- STMicroelectronics (Switzerland),
- Mitsubishi Electric Corporation (Japan),
- Vishay Intertechnology, Inc. (US),
- Fuji Electric Co., Ltd. (Japan),
- NXP Semiconductors (Netherlands),
- Renesas Electronics Corporation (Japan),
- Texas Instruments Incorporated (US),
- TOSHIBA CORPORATION (Japan),
- ABB (Switzerland),
- Littelfuse, Inc. (US),
- Analog Devices, Inc. (US),
- Microchip Technology Inc. (US),
- ROHM CO., LTD. (Japan),
- Semikron (Germany),
- Transphorm Inc. (US),
- Qorvo, Inc (US),
- WOLFSPEED, INC. (US),
- Euclid Techlabs (US),
- Navitas Semiconductor (US),
- Efficient Power Conversion Corporation (US).
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